Day Trading Guide for Friday: Despite showing signs of recovery in Asian markets, the Indian stock market closed with a fall for the third consecutive session on Thursday. Nifty 50 closed 181 points lower at 17,757 while BSE Sensex closed 59,464 – 634 points down from Wednesday’s close. The Nifty Bank index lost 190 points to close at 37,850, which is below the psychological level of 38,000.
According to stock market experts, the current pattern indicates sharp profit-booking in the market from NSE Nifty’s high of 18,350 and formation of a lower shadow on Thursday may indicate buying opportunities from the lower support of 17,650. After a sharp decline from the highs, there is a greater chance of an upside move from the lower levels. Confirmation through a higher bottom reversal could open up further upside volume in the market.
day trading guide for stock market today
Today speaking on Day Trading Guide for Nifty; Nagraj Shetty, Technical Research Analyst, HDFC Securities, said, “Short term trend of Nifty remains down and there is no clear evidence of bottom formation at lower levels. A permanent upside move in the subsequent session is likely to confirm a higher bottom reversal. Chances are there in the market. Lower levels of 17,650 to 17,600 in NSE Nifty are expected to be a strong support zone for the market.”
Stock market expected to return today; Ruchit Jain, Lead Research at 5paisa.com said, “Nifty has seen a correction for three consecutive trading sessions and has erased most of the gains seen earlier this month. The broader picture indicates that it is in a corrective phase. An uptrend and Nifty is now approaching its short term support. Hence, a rebound from the current levels is likely in the near term. For short term traders, we look for buying opportunities in the range of 17,700 to 17,600 Recommend. Because the risk reward seems to be favorable here for taking a Contra Long position.”
“Bank Nifty Index has shown strength relative to the benchmark in the last three sessions and the index is undergoing a time-wise correction rather than a price correction. Hence, this sector may lead in determining the next phase of directional move. market,” said Ruchit Jain of 5paisa.com.
day trading stocks
Speaking on the day’s trade, stock market experts – Sumeet Bagdia, Executive Director, Choice Broking and Anuj Gupta, Vice President, IIFL Securities, recommended 4 buys today.
Sumit Bagadiya trading stock today
1]Bharti Airtel: Buy on CMP, Target 730 to 740, stop loss 700
2]Asian Paints: buy speed on cmp, target from 3400 3450, stop loss 3225
Anuj Gupta’s Day Trading Shares for Friday
3]One97 Communications or Paytm: buy around 975, target 1050, stop loss 938
4]Reliance Industries Limited or RIL: buy around 2460, target 2525, stop loss 2425.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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